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USD Index – Dollar Index Chart Evening 18th August 2009

USD Index - Forex Chart Analysis 18th August 2009

USD Index - Forex Chart Analysis 18th August 2009

As outlined in yesterday’s commentary the USD Index can best be described as “feeble”, with Monday’s candle signalling yet further weakness with the deep upper wick, which duly arrived today in the form of a narrow spread down bar.  It is interesting to note that on both days the Index struggled to breach both the 40 day moving average but, perhaps more importantly, to make any inroads into the strong resistance immediately ahead at 79.50.  Until this log-jam is broken and the USD Index manages to hold above this level then any resurgence in the US will be relatively short lived.

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